Posted by kftaxaccounting2014 on May 18, 2015 in Uncategorized | 0 comment

Are you an employer with fewer than 50 full-time employees or full-time equivalent employees?Then you will need to find out how the Affordable Care Act affects(ACA) you!

The first step is to know how to calculate your work force;

If you are an employer that has close to 50 employees or if your work force fluctuates through the year, then you will need to know how to calculate the total number of employees you have,this is done by summing the total number of full-time employees each month of the prior calender year and the total number of full-time equivalent employees for each month of the prior calender year and then the total is divided by 12.

You should know that if after the calculation,if you have less than 50 employees during the prior calender year,then you are not an ALE for the current calender year.Meaning you are not a subject of the shared responsibility provision and you can obtain health coverage through Small Business Health Option Program known as the Shop Marketplace.

Also if you have fewer than 25 full-time equivalent employee and you pay an average of less than $50,000 annually,you may be eligible for the small business health care tax credit if they cover at least 50% of your full-time employee’s premium cost and if you purchased the coverage through the Shop after 2013.

Lastly,regardless of the size of your workforce,if you provide health coverage for your employees,it is mandatory that you file an annual information return.This will report certain information for each of your employees covered.And you should be aware that for the coverage you provided for 2015,the first return is due to be filed in 2016.

Were you able to determine if you are a large employer or a small employer,Do you have questions that you are yet to find answers to,Do you need an expert advice on how to choose the right coverage for your employees?Contact us today and we will help you make the right decisions for your employees!